What is SWIFT MT 103 format?

What is an MT103? An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What is Field 57 in a SWIFT message?

This indicates that Sender and Beneficiary customer’s Bank do not have direct account relationship in the currency of the transaction (USD). Otherwise the sender would send the message directly to the beneficiary customer’s Bank.

What is field 59a in SWIFT?

Use of field 59a, Beneficiary Customer Only Field 59a is to be used for beneficiary customer information. Beneficiary Customer information should not be included in Fields 20, 57a, 70 or 72. If the account number of the beneficiary customer is present, it must be stated in the account line, preceded by a slash.

What is MT 103 single customer cash transfer?

2 MT 103 Single Customer Credit Transfer. It is used to convey a funds transfer instruction in which the ordering customer or the beneficiary customer, or both, are non-financial institutions from the perspective of the Sender. This message may only be used for clean payment instructions.

What is the formatting code for MT103 +?

:71A:SHA To trigger the MT103+ format validation, the user header of the message (block 3) is mandatory and must contain the code STP in the validation flag field 119. Always mention the respective bank or branch where the beneficiary holds the account. This is applicable even if field 59 contains an IBAN.

What do the fields in a MT103 message mean?

MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer. MT103 fields Below are the fields of an MT103 message. These fields are referred to as tags.

Is the Mt 103 field straight through processable?

It allows the exchange of single customer credit transfers using all MT 103 fields, except field 77T (Envelope Contents). The MT 103 can be straight through processable if the message is properly formatted according to pre-agreed bilateral/multilateral rules.

Are there any optional fields in Swift MT103?

Many optional fields exist in the MT 103 Format Specifications. In this article, we will look at SWIFT MT103 message example with optional fields: The field 53a with option B, the field 70 and the field 71G. The picture below shows the main actors and highlights the optional fields transported in the messages.